Contract Command: Mastering Market Research for Government Success | Episode 44

12-05-2023 • 8分

Government contracting can be a profitable avenue for businesses looking to expand their operations. However, the process of bidding on contracts can be time-consuming and challenging.

One way to increase the chances of winning contracts is to conduct proper market research in the government marketplace. By using the right research tool, businesses can identify when and where contracts become available, what agencies are involved, who previously won similar contracts, and who is the right agency point of contact.

In this episode of FedBiz’5 we host Barry Nelson, an expert in government contracting market research with over 50 years of experience in the government marketplace. Barry explains the importance of market research and being proactive in identifying award opportunities.

As a business owner, to succeed you need to stay ahead of the competition. Market Research is the primary way to do so in government contracting by having the most up-to-date information in the marketplace.

Typically, most small businesses think selling to the government is simply going through the bid process. In fact, over the past 15 years approximately 3.3 million businesses have registered to do business with the federal government and less than 20% (approximately 600,000 businesses) have ever sold anything to the government.

Selling into the government marketplace is not just about passively bidding but more about being proactive in your research of award opportunities.

Utilizing a professional research tool allows you to find out where the right contracts are that fit your business. This includes - Who buys what you sell? How much are they spending? What types of contracts are being awarded?

While not the only factor determining success, market research greatly improves a company's chances of securing contracts and delivering high-quality products or services.

The Market Intel database provides specific information on who is buying what you sell? The right agency offices to contact, and when you should be reaching out to the buyer.

The Market Intel database search engine provides instant access to open solicitations and expiring contracts based on a combination of keywords, industry codes, and geography, among other relevant information. Opportunity alerts include federal, state, and local solicitations.

Conducting market research in government contracting involves several key factors. The first step is to conduct a keyword or industry code search of the specific services or products you are offering and then identify the contracting officers’ nameswho buy what you sell. Then researching when contracts will be up for renewal and contract value. This information is critical in determining whether a particular contract is worth pursuing.

Approximately $800 billion is spent on military and federal contracts and a similar number of dollars spent in the state and local market. Market Intel allows you to find out where these contracts come from in advance and the history behind the award.

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